The effect of ageing on mechanical properties and microstructural characteristics of a precipitation hardenable Al 7075 alloy subjected to rolling at liquid nitrogen temperature and room temperature are has been investigated in the present work employing hardness measurements, tensile test, XRD, DSC, and TEM. The solution-treated bulk Al 7075 alloy was subjected to cryorolling and room temperature rolling to refine grain structures and subsequently ageing treatment to simultaneously improve the strength and ductility. The solution treatment combined with cryorolling up to a true rolling strain of 2.3 followed by low temperature ageing at 100 °C for 45 h has been found to be the optimum processing condition to obtain fine grained microstructure with improved tensile strength (642 MPa) and good tensile ductility (9.5%) in the Al 7075 alloy. The combined effect of suppression of dynamic recovery, partial grain refinement, partial recovery, solid solution strengthening, dislocation hardening, and precipitation hardening are responsible for the significant improvement strength–ductility combination in the cryorolled Al 7075 alloy subjected to peak ageing treatment. The cryorolled and room temperature rolled Al 7075 alloy, upon subjecting to peak ageing treatment, have shown higher strength and ductility in the former than the latter. It is due to presence of high density of nanosized precipitates in the peak aged cryorolled sample.